The Seven Deadly Sins of Not Negotiating
“Women MBA graduates make on average 6% less than their male counterparts in their first post-MBA job. Why? Because they don’t negotiate.” I learned this statistic in my Wharton MBA negotiations class and promised myself then and there that I will always at least try to negotiate. Why Don’t Women Negotiate? I've helped numerous women with their negotiations strategy in the past few years. Here are the most common reasons I've heard: The Seven Deadly Sins of Not Negotiating 1) Settling for less: “I already make enough” (i.e. “I should be grateful for what I’ve gotten). My question for someone who says this is always: how would you feel if you found out that a colleague is making 20% more than you in the same role just because you didn't ask for more? 2) Fear of the unknown: Rush to accept any offer to avoid being out of work for too long 3) Lack of self-confidence: Not understanding / owning the value one brings to the table (underestimating how one's skills, experience and vision will add value to the new role). The Credibility Checklist at the end of the Credibility Guide can help you identify some of these value drivers. 4) Fear of being perceived as too greedy and having the offer rescinded. My question here is: would you want to work for a company that punishes you for knowing your value? 5) Knowledge gap about appropriate salaries for level of skill and experience (aka: not doing your homework) 6) Lack of transparency about appropriate compensation for a particular role (i.e. no external benchmark available). This often happens when the role is unique in the market or especially created for the particular candidate. 7) Underdeveloped negotiation skills (ie. “I have never done this before so am not sure how to start”) What about you, which of these is your biggest barrier to negotiating? 1. Settling for Less 2. Fear of the Unknown 3. Lack of Self-Confidence 4. Don't Want to Seem Greedy 5. Knowledge Gap 6. Lack of Transparency 7. Negotiation Skills Here's the good news: most of these can be quickly eliminated with research and training. I'm working on new programs to help you with your future negotiations. Stay tuned!